THANKS A TON for those helping me out on Skype and in PM...
For you Canadians - must read if you truly plan on taking off - harder than I thought.
[CEN-TAPEDE] Becoming a non-resident of Canada - living in Korea and engaged to citizen of Japan. - David Ingram specializes in giving expert income tax and immigration help to American and Canadian citizens living out of their home countries from Zi
I talked to one gent (thanks you know who you are) who does the non-res thing with his home land, travels/lives abroad, but keeps passport/citizenship at his home country, and legally bypasses taxes in both, while banking in Asia... Unfortunately that's not possible with my route. I have to literally give up ALL ties to Canada. Quick rundown of what you have to give up and watch out for to be truly considered and approved by a judge for non-res status:
- ownership of a dwelling in Canada or rental of a dwelling on a
long-term
basis (for example, a lease of one or more years);
- residence of spouse, children and other dependent family
members in a
dwelling maintained by the individual in Canada;
- memberships with Canadian churches, or synagogues, recreational
and social
clubs, unions and professional organizations (left out mosques);
- registration and maintenance of automobiles, boats and
airplanes in
Canada;
- holding credit cards issued by Canadian financial institutions
and other
commercial entities including stores, car rental agencies, etc.;
- local newspaper subscriptions sent to a Canadian address;
- rental of Canadian safety deposit box or post office box;
- subscriptions for life or general insurance including health
insurance
through a Canadian insurance company;
- mailing address in Canada;
- telephone listing in Canada;
- stationery including business cards showing a Canadian address;
- magazine and other periodical subscriptions sent to a Canadian
address;
- Canadian bank accounts other than a non-resident account;
- active securities accounts with Canadian brokers;
- Canadian drivers licence;
- membership in a Canadian pension plan;
- holding directorships of Canadian corporations;
- membership in Canadian partnerships;
- frequent visits to Canada for social or business purposes;
- burial plot in Canada;
- legal documentation indicating Canadian residence;
- filing a Canadian income tax return as a Canadian resident;
- ownership of a Canadian vacation property;
- active involvement with business activities in Canada;
- employment in Canada;
- maintenance or storage in Canada of personal belongings
including
clothing, furniture, family pets, etc.;
- obtaining landed immigrant status or appropriate work permits
in Canada;
- severing substantially all ties with former country of
residence.
Seems I have my work cutout for me, still the plan continues. I was skeptical about posting all of this as it obviously shows intent, however let it be known I am not doing or condoning others to do anything illegal, nor am I trying to evade taxes in my home country while I live here.
I'll update you guys on the outcome as time goes by in this thread, still seems that DomRep res (takes 1 year and about 10K with my research so far - in that one year you can still be there as a temp res, or you can be in any country and just come back after the year to renew/get full citizenship) is the easiest and cheapest starting point that goes hand in hand with Panama's structure/foundation/protections and RE stuff...
Also found out that because there are no books/records kept and or taxes done by the guv there, it can work against you and potentially get your assets frozen/seized if you are considered to be a terrorrist (or a few other rare scenario's - not worried but good to know - diversify).
And lastly, learned that trusting international banks isn't always peachy keen re you/your money so be careful who you choose to do your accounts/savings and don't put everything in one place.
On with the trek! PanamFoundation or Shelf CO. is step 1. Doing this week.
